Cardano coin has been an underperforming asset so far in 2024, registering a 38.8% year-to-end (YTD) loss. While the ADA price shows no signs of bottoming, Sei (SEI), TRON (TRX), and Dogecoin (DOGE) are crypto that could show a notable potential for a major reversal
3 Cryptos to Outperform as Cardano May Plunge in September
According to the Cryptorank data, the Cardano price has shown a negative trend in September since the year 2018. The chart below shows an average return of -12.5%, while the median return of 14.8%, highlighting a high possibility for prolonged correction in September.
Cardano Monthly Returns | Cryptorank
Sei (SEI)
SEI is a Layer 1 blockchain designed explicitly for high-performance trading applications. Bucking the market uncertainty, the SUI price bounced from $0.2 to $0.319, registering a 52% growth in three weeks. Consecutively, the market cap jumped to $12.94 Billion.
Among the Cardano alternatives, the SEI open interest in the future market showed a notable surge from $39 to $98 Million, registering a 151% growth. The surge in OI points to growing liquidity and interest in SEI as an asset, which could further amplify price volatility and recovery trends.
SEI open interest | Intotheblock
TRON (TRX)
TRON, a decentralized blockchain platform, has increasingly captured investor interest following the launch of SunPump, a new platform for minting new meme coins. This development has fueled a recovery in TRX price, pushing it to a high of $0.17 on Friday before slightly receding to $0.16.
This bullish trend also boosted its market capitalization to $14.1 billion, positioning TRON as the ninth-largest cryptocurrency, while Cardano plunged to the eleventh position.
According to Intotheblock data, the Total Address holding TRX has projected continuous growth since August 2020, recently hitting a high of $100.8 Million Addresses. This growth implies that more individuals and entities are investing in or using TRX, which could enhance the liquidity and stability of the cryptocurrency.
Addresses with Balance | Intotheblock
This trend is a positive indicator of investor confidence and could drive the potential target of TRON price prediction beyond $0.3.
Dogecoin (DOGE)
Dogecoin, the largest meme coin by market cap, has notably grown from $0.08 to $0.1 in August, registering a 28.8% rally. The recovery trend uplifted the asset’s market cap to $15 Billion, bolstering its price to challenge the 5-month resistance trendline.
Despite the downward trend, the addresses holding 10 million to 100 million coins are accumulating through the correction trend. The Onchain metric is stabilizing at 18.75 billion DOGE coins, according to Santiment data. This holding pattern accentuates the large investors’ interest in this asset, solidifying Dogecoin’s long-term prospect.
DOGE Supply Distribution | Santiment
With sustained buying, Dogecoin price prediction could drive a rally to $0.22, followed by $0.3.
Conclusion
Based on the historical performance, the Cardano coin correction trend will likely be prolonged in September. The bearish momentum should drive investors’ attention to emerging crypto like Sei (SEI), TRON (TRX), and Dogecoin (DOGE) to capture a directional uptrend.
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